To get the deduction in 2023, I assume the plan needs to be set up IN 2023. Does it need to be FUNDED in 2023 or can we fund in 2024? If 2024, what is the deadline? Tax return filing?
“Starting in 2020, the SECURE Act made it so that business owners can adopt a cash balance plan right up until the entity’s tax filing deadline (including extensions) for the plan’s initial year” - The Retirement Plan Company If you’re an s corp that’s March 15 + extensions. If not an S corp that’s April 15 + extensions. Does that help?
